Toyota Changes Plans About Electric Vehicle Production
Toyota is elevating its Electric Vehicle (EV) production to release 30 EVs by 2030, and is making huge investments in EV technology to transform its production facilities into EV assembling plants.
It plans to spend $17 billion to boost its manufacturing capacity and is working hard to achieve its initial target of launching 15 EVs by 2025 and another 15 by 2030. It is also aiming at manufacturing 3.5 million EVs for the global market by 2030.
Toyota was a pioneer in the electrification of vehicles but has fallen far behind its competitors, including Tesla and a few others, in leading the way and holding significant global market shares. It now plans to step up its game with the introduction of advanced vehicles with popular features like autonomous driving. Interestingly, it also plans to transform the Lexus lineup into all-EVs by 2035.
Although Toyota has not revealed the details or features of its upcoming EV lineup, it is close to catching up with several renowned automakers, including Nissan, Honda, Mercedes-Benz, and Volkswagen, along with plans to fully transform to all-EV production within 2030.
The company had called the trend of shifting to EVs ‘overhyped’ but its current official view on EVs seems to have changed as it is involved in promoting EV manufacturing to reduce exhaust emissions from fuel-powered vehicles.
Considering its aim to convert the Lexus into a fully electric lineup besides its massive investments in EV technology, Toyota seems keen to introduce high-tech battery-powered vehicles in the global market.